9,200 Shares in RBC Bearings Incorporated $RBC Purchased by Louisiana State Employees Retirement System

Key Points

• Louisiana State Employees Retirement System opened a new position in RBC Bearings, buying 9,200 shares worth about $5.0 million in the first quarter.
• RBC Bearings reported strong quarterly results, with earnings of $3.62 per share and revenue of $518.0 million, both ahead of analyst expectations. Revenue rose 18.3% year over year.
• Insider selling and analyst views were mixed: two executives sold shares recently, while analysts still rate the stock a Moderate Buy overall with a consensus target price of $584.

Louisiana State Employees Retirement System purchased a new position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 9,200 shares of the industrial products company's stock, valued at approximately $4,997,000.

Other institutional investors and hedge funds have also modified their holdings of the company. State Street Corp raised its stake in RBC Bearings by 0.5% during the third quarter. State Street Corp now owns 919,259 shares of the industrial products company's stock worth $358,778,000 after acquiring an additional 4,568 shares in the last quarter. Artisan Partners Limited Partnership boosted its stake in shares of RBC Bearings by 51.7% in the 3rd quarter. Artisan Partners Limited Partnership now owns 619,592 shares of the industrial products company's stock valued at $241,821,000 after purchasing an additional 211,093 shares in the last quarter. Geode Capital Management LLC increased its position in RBC Bearings by 8.5% during the 4th quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company's stock worth $277,776,000 after purchasing an additional 48,419 shares in the last quarter. Maren Capital LLC increased its position in RBC Bearings by 1.4% during the 4th quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company's stock worth $201,934,000 after purchasing an additional 6,373 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in RBC Bearings by 6.2% in the 4th quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company's stock valued at $181,514,000 after purchasing an additional 23,616 shares during the last quarter.

Insider Activity at RBC Bearings

In other RBC Bearings news, Director Edward Stewart sold 600 shares of the firm's stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total transaction of $355,698.00. Following the transaction, the director directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. This trade represents a 2.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John J. Feeney sold 225 shares of RBC Bearings stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $657.94, for a total transaction of $148,036.50. Following the transaction, the vice president directly owned 2,378 shares in the company, valued at $1,564,581.32. This represents a 8.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 1,425 shares of company stock valued at $885,400. 1.90% of the stock is owned by insiders.

RBC Bearings Price Performance

RBC stock opened at $630.07 on Friday. The company has a market capitalization of $19.94 billion, a P/E ratio of 69.31, a price-to-earnings-growth ratio of 3.75 and a beta of 1.42. RBC Bearings Incorporated has a 52-week low of $364.50 and a 52-week high of $667.69. The business has a 50-day simple moving average of $597.75 and a two-hundred day simple moving average of $547.06. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, beating analysts' consensus estimates of $3.31 by $0.31. The company had revenue of $518.00 million for the quarter, compared to analyst estimates of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The company's revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter last year, the company earned $2.83 earnings per share. Research analysts expect that RBC Bearings Incorporated will post 13.58 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on RBC shares. Weiss Ratings downgraded shares of RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, June 17th. Zacks Research cut shares of RBC Bearings from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 3rd. Truist Financial restated a "buy" rating and set a $615.00 price target (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Morgan Stanley boosted their price objective on RBC Bearings from $600.00 to $640.00 and gave the company an "overweight" rating in a research note on Tuesday, May 19th. Finally, KeyCorp boosted their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the company an "overweight" rating in a research report on Monday, March 2nd. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $584.00.

RBC Bearings Company Profile

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company's product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company's bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.

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